San Diego, CA
Single Family Residence
TaliMar Financial funded a $568,000 Fix and Hold Loan loan secured by a single-family home in San Diego, CA. The loan funded both the purchase and renovation costs of the property. Our client will complete a renovation of the property and hold it as a long term rental. We structured a loan that provided sufficient funds for the purchase and the entire renovation budget. Our construction release schedule will allow the client to quickly complete the renovations. The hurdle on this transaction was that the renovations included the addition of an accessory dwelling unit (ADU). Obtaining a finished value on a property with an ADU can be difficult because typically there are few sales of updated properties with ADU’s. Using a blended comparable sales analysis and income approach, we worked with the client to establish a finished value. This hard money loan was funded in November 2020.